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摩根斯坦利着手改革管理层 |
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| 摩根斯坦利着手改革管理层 |
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作者:佚名 文章来源:不详 点击数: 更新时间:2006-12-21 16:58:00  |
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Under pressure from investors to revive its flagging stock price, the investment house Morgan Stanley on Tuesday announced that it was shaking up its top management.
Chief Executive Officer Philip Purcell said in a statement that he was appointing Stephen Crawford and Zoe Cruz, both veterans at the New York-based company, as co-presidents, replacing Stephan Newhouse.
The company did not say in its announcement what Newhouse planned to do.
Earlier this month, a letter signed by prominent former executives criticized "the firm's poor performance" and said Purcell had failed to provide strong leadership.
Morgan Stanley shares rose 19 cents to $55.67 in morning trading Tuesday on the New York Stock Exchange. They have been trading in a range of $46.54 to $60.51 over the past 12 months.
The firm reported strong first-quarter growth, with profits up 20 percent. Investors, however, failed to push the shares higher amid concerns that the company was too focused on fixed-income earnings and commodities.
In the statement announcing the management changes, Purcell said that Crawford and Cruz would have responsibility for institutional securities as well as individual investor and investment management groups.
He emphasized that the goal was improving performance.
"By combining our institutional, individual and investment management businesses under Steve and Zoe's leadership, we are continuing the great investment banking traditions of Morgan Stanley and creating a securities firm without peer," Purcell said in a statement. "The appointment of a new generation of leaders for our integrated securities businesses reaffirms our commitment to building long-lasting shareholder value."
The statement said that Crawford has been with Morgan Stanley for 19 years. He started in the investment banking division, and was chief financial officer from 2001 to 2004. Most recently, he was the firms' chief administrative and risk officer.
Cruz is a 24-year veteran of Morgan Stanley's institutional securities group, the statement said. For the last five years, she has led the fixed income division "to record levels of performance," the statement said.
The announcement said that Neal Shear, head of Morgan Stanley's commodities business, would succeed Cruz as head of the fixed income division. It did not announce a replacement for Crawford.
The Wall Street Journal, which reported the management shake up in its Tuesday edition, said that the promotions of Crawford and Cruz "leaves in doubt the future role of Vikram S. Pandit, currently president and chief operating officer of institutional securities, who runs the investment bank, and John P. Havens, head of the institutional-equity division. |
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